The municipal market was mostly unchanged Friday, with slight firmness on the long end of the curve.

“Overall, we’re pretty flat, but once you get out to like 20 years and longer, we are seeing some gains,” a trader in New York said. “You can maybe pick up one, two, even three basis points on the long end, but inside of like 20 years, there’s virtually no movement. Activity-wise, there isn’t a ton going on, but if you have long paper to move, you can pick up a couple basis points.”

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